◼ Treasury Secretary Timothy Geither told CNBC Wednesday that Republicans are "making a little bit of progress" in "fiscal cliff" talks but said the Obama administration was "absolutely" ready to go over the cliff if the GOP doesn't agree to raise tax rates on the wealthy. - CNBC
"This is one of the most stunning and irresponsible statements I've heard in some time," Republican Senator Orrin Hatch said in a statement. "Going over the fiscal cliff will put our economy, jobs, people's paychecks and retirement at risk,but that is what the White House wants, according to Secretary Geithner, if they don't get their way."
The president has proposed raising taxes by $1.6 trillion over the coming decade, cuts to Medicare and another $50 billion in stimulus spending, but has largely exempted Social Security from budget cuts.
◼ Obama’s ‘Fiscal Cliff’ Proposal: $1.6 Trillion in Tax Increases - CNBC
The White House is seeking $1.6 trillion in tax increases up front, as well as $50 billion in additional stimulus spending, as part of any "fiscal cliff" deal, Republican aides said Thursday, as talks aimed at averting the economy-rattling cliff turned testy.
President Barack Obama also wants a permanent increase in the federal debt ceiling, a one-year expansion of jobless benefits, and an extension of the payroll tax credit, these aides said.
